Shares of technology companies continued to gain momentum in the market following a generally strong round of earnings. Despite reporting a drop in quarterly revenue, Apple was an exception to this trend and experienced a decline in its market capitalization. This decline has resulted in the longest losing streak of the year for the tech giant, with its value decreasing by approximately 10%.
Impact of Recent Market Events
The technology sector was among the hardest hit during a broad selloff last week. This downturn was attributed to a U.S. debt ratings downgrade by a major credit rating agency, which acted as a significant setback for red-hot equity markets. Saira Malik, the chief investment strategist at money manager Nuveen, aptly described this event as a “bucket of cold water” poured on the previously thriving market.
Tesla CFO Departs
After more than four years as Tesla’s Chief Financial Officer, Zach Kirkhorn has decided to step down from his role. During his tenure, Kirkhorn played an instrumental role in turning Elon Musk’s visionary goals into tangible realities behind the scenes.
Amazon Faces Potential Antitrust Complaint
In the latest development suggesting an antitrust complaint against Amazon, representatives from the company are scheduled to meet with Federal Trade Commission officials next week. This meeting signifies the agency’s growing interest in scrutinizing the online retail giant’s business practices.
PayPal Explores Stablecoin Initiative
PayPal has recently entered the cryptocurrency market by launching its own “stablecoin.” This digital currency is pegged to the value of the U.S. dollar and aims to tap into the success of existing stablecoins such as Tether.